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Danube Properties completes Dhs570m Starz and Glamz projects

Dubai developer Danube Properties has marked the completion of its Starz project, and pre-completion of its Glamz project, making up a combined 880 units.

The completion of 454 Starz units, and pre-completion of 426 Glamz residences – the company’s fifth and sixth projects – was celebrated with a ceremony on Saturday, featuring laser shows and fireworks.

Both projects were launched and sold out in 2016, and when the 880 units are handed over, Danube Properties will have delivered 1,711 residential units worth a total of Dhs1.69bn since its debut project – Dreamz – in June 2014. The developer’s overall portfolio includes 5,019 residences worth Dhs3.82bn.

Speaking at the celebratory event, founder and chairman of Danube Group, Rizwan Sajan, said: “As we move closer to the Expo 2020, we see renewed confidence in the UAE real estate market. The complete sell-out of our projects reflect a strong investor confidence in not only the Dubai real estate market, but also in Danube Properties.

“Today we are not only delivering homes, but delivering promises we made to home buyers who have put their faith in us.

“We are a firm believer in the long-term sustainable development of real estate projects and there is no better market than the UAE, especially Dubai. With our projects, we have defied the odds and demonstrated our ability in offering affordable homes that have been snapped up by buyers.”

Atif Rahman, director and partner of Danube Properties, added: “A developer’s strength of character and commitment reflects on the quality of construction and the number of project deliveries. Our record of continuous development and timely delivery of properties speaks volumes about our strong commitment to quality, timely delivery and our solid commitment to our home buyers.

“Today marks a great milestone in the history of Danube Properties as we will be delivering six out of the 12 projects launched by us, in less than five years. Our launch-to-delivery ratio is one of the highest in this region.”

Both projects have been built with the latest green and sustainable building technologies, said Danube Properties in a statement, as well as a raft of lifestyle amenities including a fully-fitted gymnasium, health club, swimming pool, landscaped greenery, and other facilities.

The deliveries come on the back of a strong performance in 2018, which saw a 78.5 per cent jump in the sale of residential units help to boost the company’s market share of off-plan sales – rising to 10.6 per cent from the 5 per cent in 2017.

Last year a total of 1,869 residential units were sold at a value of Dhs978m – up 19.26 per cent of 2017’s sale of 1,047 units worth Dhs820m.

Danube Properties has so far awarded Dhs1.6bn worth of construction contracts involving 10 of the 12 projects it has launched so far. Last year the company completed construction of 358 residential units, and awarded construction contracts for 926 more.